Wells Fargo Cash Wise Visa® Credit Card Review

Note: Some offer details in this article have expired and/or are being changed by the issuer. Appropriate updates will be applied to the article when the changes have been finalized.

If you’re looking for a credit card that offers simple cash back rewards, the Wells Fargo Cash Wise Visa® Credit Card might be a good choice. With a flat 1.5% cash back rate and a 15-month 0% APR introductory period for purchases and balance transfers, this is a solid credit card that appeals to big spenders who make a variety of purchases on their credit cards.

Wells Fargo Cash Wise Visa® Credit Card

For some, the idea of trying to keep track of rotating categories to optimize cash back doesn’t work all that well. Instead, if you are looking for simplicity in your cash back rewards, a card like the Wells Fargo Cash Wise Visa® Credit Card can be a good deal.

Rather than requiring you to sign up for regular rotating category rewards each quarter, the Wells Fargo Cash Wise Visa® Credit Card offers a set 1.5% cash back on all your purchases. Not only that, but there is a current deal for 0% APR on purchases and balance transfers for the first 15 months of card membership. After that a variable APR will apply, based on your creditworthiness.

It’s important to note that there is no sign up bonus like you normally see with cash back credit cards. Instead, the Wells Fargo Cash Wise Visa® Credit Card offers 1.8% cash back on purchases made using Apple Pay or Android Pay in the first 12 months. You can also get cell phone insurance as a perk. As long as you pay your bill with this credit card, you can receive up to $600 in cell phone insurance coverage to protect you against damage or theft.

Features

Flat cash back rate of 1.5% on all purchases

0% APR on purchases and balance transfers for the first 12 months

Cell phone insurance of up to $600

No annual fee

Card Benefits

One of the biggest benefits of the Wells Fargo Cash Wise Visa® Credit Card is the fact that you have a flat 1.5% cash back reward. If you aren’t interested in signing up for categories every quarter, or if you don’t want to have to worry about which spending categories you are using, then this credit card can be ideal.

One of the most interesting benefits to this rewards credit card is the cell phone insurance. If you pay your cell phone bill using the credit card, you will have automatic insurance to protect against theft and damage. It’s important to understand that there is a $25 deductible, and you can only make two claims in any 12-month period. You might pay as much as $8 per month (or more) for this type of coverage from a provider, so the value is right around $96 each year.

Wells Fargo bank customers have the option to redeem their cash back bonus at Wells Fargo ATMs. They can also have the cash back deposited directly into their Wells Fargo Savings or Checking accounts.

Drawbacks

The biggest drawback to the Wells Fargo Cash Wise Visa® Credit Card is the fact that there is no signing bonus. Many cash back credit cards offer signing bonuses of between $100 and $200. You can make up for the lack of signing bonus by spending using Apple Pay and Android Pay for the higher rewards bonus during the first year. However, you would need to spend fairly heavily make it work. You need to spend right around $33,000 in the first year using those items in order make up for a $100 signing bonus offered by similar cash back card.

Also, the 1.5% cash back reward is only mediocre, although it’s nice to avoid needing to keep track of everything. It’s possible to use the Wells Fargo Cash Wise Visa® Credit Card in conjunction with rotating category cards to optimize your cash back, but that means that you will need to carefully monitor your spending and stay on top of it to get the best results.

Bottom Line

The Wells Fargo Cash Wise Visa® Credit Card is a simple cash back card with decent rewards. If you are a big spender and plan to use your credit card for most purposes, this can be a good card for you, especially if you use Apple Pay or Android Pay. It’s also nice to have the cell phone insurance coverage and a 15-month 0% intro APR offer. But if you’re looking for a large signing bonus, you’re going to be disappointed.

Topics

ABOUT THE AUTHOR

Miranda is a financial journalist and expert. Her work has appeared in numerous publications and she has contributed to NPR and appeared on other radio shows and TV. Miranda writes about money at PlantingMoneySeeds.com.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Credit Cards Explained may earn affiliate commissions from our partners on this page. These commissions do not affect how we select, rate, or review products. To find out more, read our complete terms of use.

POPULAR ISSUERS

ADVERTISER DISCLOSURE

Credit Cards Explained receives compensation from the credit cards listed on our site. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Our offers do not represent all credit card companies and deals available. When considering a card, see the issuer's online application for official details about terms and conditions. Reasonable efforts are made to maintain accurate information; however, all credit card information is presented without warranty. APRs may vary depending on your credit background and current interest rates.

Credit scores are for guideline purposes and do not guarantee approval. Your personal financial situation and lender terms and conditions can impact credit approval.

EDITORIAL NOTE

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Credit Cards Explained may earn affiliate commissions from our partners on this page. These commissions do not affect how we select, rate, or review products. To find out more, read our complete terms of use.